Question

2. Find the compound interest and amount on
(i) R$ 9,600 for 3 years at the interest rate of 10% per annum
(ii) R$ 8,000 for 3 years at the interest rate of 5% per annum​

Answer 1

Step-by-step explanation:

Principal (P) = Rs. 9600

Rate (R) = 10% p.a

Period (n) = 3 Years

(i) ∴ Interest for the first year = PRT/100

= (9600 x 10 x 1)/100 = Rs. 960

(ii) Amount at the end of first year

= P + S.I = Rs. 9600 + 960 = Rs. 10560

(iii) Principal for the second year = Rs. 10560

Interest for the second year = (10560 x 10 x 1)/100

= Rs. 1056

∴ Amount after second year = Rs. 10560 + 1056 = Rs. 11616

(iv) Principal for the third year = Rs. 11616

Interest for the third year = (11616 x 10 x 1)/100

116.16 x 10 = Rs. 1161.60

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